SUL +2.85%: A strong FY23 result for the diverse retailer today with brands such as Super Cheap, Rebel & BCF, however importantly, they also talked more positively than others about the start of FY24; it has slowed but remained resilient. FY23 sales of $3.8bn were up 7.1% on the year and inline with consensus, while Net Profit After Tax (NPAT) of $273.5m was up +12% and ahead of the $261m expected. They announced a dividend per share (dps) of $1.03 which included a 25cps special dividend.
- A great result for SUL, showing that quality retailers can buck the negative consumer headwinds
MM has now turned neutral towards SUL ~$14
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